Industrialist Anand Mahindra, who is known for sharing his insights in form of interesting analysis and witty posts, took to Twitter to laud Modi government and Reserve Bank of India’s ‘superb’ job in bringing the troubled Yes Bank to normalcy after it posted better-than-expected financial results for the quarter ended 30 September, 2021.
“We have to acknowledge that this Govt and the RBI did a superb job of damage control and restoration of operational normalcy for this troubled bank. Hats off…,” the chairman of Mahindra Group posted.
Within an hour of posting, the post garnered over 800 likes.
Yes Bank on Friday reported a profit after tax of ₹225 crore for the quarter ended September, an increase of 74.3 per cent over the year-ago period, mainly on the back of lower provisioning requirements.
The bank’s profit after tax stood at ₹129 crore in the corresponding quarter of previous fiscal.
Yes Bank’s Managing Director and CEO Prashant Kumar attributed the rise in profit to better business growth and lower provisioning requirements.
“With lower slippages and better recoveries and upgrades, our provisioning requirement has come down,” he told reporters.
The bank’s Net Interest Income (NII) declined 23.4 per cent to ₹1,512 crore in Q2 FY2022 compared to ₹1,973 crore in the year-ago period.
The net interest margins dipped to 2.2 per cent from 3.1 per cent in the same quarter of the previous fiscal.
Gross Non-Performing Assets (NPAs) ratio improved to 15 per cent in the latest September quarter from 16.90 per cent in the year-ago period. Net NPAs stood at 5.5 per cent compared to 4.7 per cent in the same period a year ago.
Fresh slippages during the quarter under review stood at ₹1,783 crore, out of which corporate slippages were to the tune of ₹750 crore.
The bank’s scrip closed at ₹13.73 apiece, down 4.12 per cent on the BSE.
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